German and UK regulators pen post-Brexit supervisory agreement
German financial services watchdog BaFin and the UK’s Prudential Regulation Authority (PRA) have penned an agreement to secure continuity of oversight for insurance firms operating in the UK and Germany post-Brexit.
Perils estimates Eur740mn loss from Dragi-Eberhard
Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).
Hannover Re to eliminate coal cover and investments by 2038
Reinsurance powerhouse Hannover Re is the latest German carrier to scale back its coal-related underwriting policies and investments.
Shepherd Compello targets European growth with Dutch subsidiary
Specialist Lloyd’s broker Shepherd Compello has launched a new operation in the Netherlands to support plans to expand in Europe and to mitigate any negative Brexit fallout.
FSCS transfers thousands of bankrupt Qudos policies
More than 165,000 policies provided by bankrupt Danish insurer Qudos to customers in the UK are being transferred to new providers, following a combined effort from brokers and the Financial Services Compensation Scheme (FSCS).
Howden Norway swoops on employee benefits broker NIP
Howden Forsikringsmegling – the Norwegian arm of Howden Broking Group - has acquired a majority-share in employee benefits broker Norwegian Insurance Partner (NIP).
CCR Re back in the black with 99.4% combined ratio
State-backed French reinsurer CCR Re reported a return to profit for the full year 2018 with an improved combined ratio and a twofold increase in net income.
LMG calls on government to 'liberalise' market access post-Brexit
The London Market Group (LMG) has called on the UK government to “liberalise” access to key markets including the US, Switzerland, MENA and Latin America post-Brexit and to use its global network of embassies to promote the London insurance market around the world.
CCR Re launches first Paris-based reinsurance sidecar 157 Re
State-backed French reinsurer CCR Re has unveiled the first ever reinsurance sidecar domiciled in France and says the transaction could even pave the way for an onshore ILS market to develop in Paris.
Aon swoops on Marsh’s Charnaud for EMEA M&A chair
Broking giant Aon has named former Marsh infrastructure chair Edwin Charnaud as EMEA chairman for its M&A and Transaction Solutions business.
Scor activist continues war of words with claim Kessler remuneration “too high”
CIAM, the European activist fund, has continued its war of words with Scor after public hostilities resumed earlier this week.
AIG is lead insurer on Hydro cyber risk policy
Norwegian aluminium company Norsk Hydro has revealed AIG is the lead insurer on its cyber risk policy, and has also estimated the financial impact from the first week since its cyber attack is $35-41mn.
Watford Holdings confirms Nasdaq direct listing set for 28 March
Watford Holdings, the Bermudian total return (re)insurer for which Arch Capital acts as reinsurance manager, plans to complete its direct listing on Nasdaq on 28 March.
Bermuda officials head to Europe with de-blacklisting timeline unclear
A delegation from Bermuda is in Europe this week to meet EU officials and make the case for why the island should be removed from a tax haven blacklist.
Bermuda premier vows to get island off EU blacklist
Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.
Liberty re-domiciles European business to Luxembourg
Liberty Specialty Markets has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of the UK’s exit from the European bloc at the end of March.
Hydro confirms cyber insurance in place after attack
Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.
Munich Re signals Eur1bn share buy-back; P&C unit returns to profit in 2018
German reinsurance powerhouse Munich Re has outlined plans to buy-back Eur1bn ($1.4bn) of shares in 2018 and has upped profit estimates for the year ahead as its P&C business swings back into the black.
French Gilets Jaunes insured losses over Eur170mn
Insurance claims from the ‘gilets jaunes’ – or yellow vest - protests in France have reached Eur170mn ($193mn), not including the destructive demonstrations along the Champs-Elysées last weekend (16 - 17 March).
Europe asks MMC rivals to comment on sale of JLT's aerospace unit
A month before JLT agreed to sell its sector-leading aerospace division to assist with regulatory approval for MMC’s £4.3bn takeover of the UK broking group, the European Commission canvassed MMC and JLT rivals for their comments on a “structural divestment” of the business unit, The Insurer can reveal.